00:02You're listening to AI Prism from Seoul Economic Daily.
00:06Seoul apartment auction prices just topped their appraised value for a fourth straight month.
00:12The city locked in plans for over 9,000 new units across five redevelopment zones.
00:18And if you don't live in Korea, the new tax code just cut your tax-free threshold
00:23well below what residents get.
00:26Seoul's mayor is calling that tax hike state violence.
00:30It's Friday, August 7th.
00:32Let's look at what's happening in Korea's property market.
00:36Seoul's auction market has stayed hot for months,
00:39even as the government tightens taxes on high-value and non-resident-owned homes.
00:44The new tax code splits the tax-free threshold by residency status,
00:48while separately expanding an exemption that lets buyers delay moving
00:53into land transaction permit zone homes.
00:56City Hall, meanwhile, is pushing new supply through redevelopment,
01:01while resisting using green space like Yongsan Park for housing.
01:05Here's what the numbers show.
01:07Seoul's apartment auction winning bid ratio hit 101.0% in July,
01:14extending a streak of above appraisal prices to four months.
01:17Auction volume rose to 180 cases, up 20% from June,
01:23while the win rate climbed to 38.3%.
01:26The city approved 9,237 new units across five redevelopment zones,
01:33including 1,603 units at Gepo Wusung and 3,289 at Gurozhugong.
01:42Of that total, 969 units are set aside as public housing.
01:47Starting next year, resident owners get a 1.4 billion won,
01:53about $984,000, tax-free threshold on the comprehensive real estate tax.
02:00Non-residents get 900 million won, about $632,000.
02:05Deputy Finance Minister Lee Hyung-il said the government is preparing to expand exemptions,
02:11letting buyers delay moving into land transaction permit zone homes.
02:16So, what does this mean for buyers weighing a purchase this year?
02:20Earlier, we said non-resident owners face a lower tax-free threshold.
02:25Here's what that actually means for you.
02:27If you own or plan to buy in Seoul without living there,
02:31your holding costs are about to rise relative to residents.
02:35For real buyers, the auction data suggests demand for mid-priced apartments remains firm,
02:40even as policy tightens at the top end.
02:44What to watch
02:45The details of the expanded real residency exemption,
02:48whether Yongsan Park stays off the supply table,
02:52and how the new 9,237-unit pipeline moves through 2028.
02:59That's today's AI Prism, real estate.
03:01This episode was produced with AI Assistants,
03:04based on Seoul Economic Daily Reporting,
03:07and reviewed by a human editor.
03:09AI Prism is a Juan Ifra Award-winning series.
03:12We'll be back tomorrow.
03:14You've been listening to AI Prism from Seoul Economic Daily.
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